Chapter Five: Entrepreneurship, Management and Leadership

Vocabulary flashcards covering key terms and concepts from the lecture notes.

Intrapreneur

An employee who acts like an entrepreneur within an existing organization, innovating and leading to improve the business with typically lower risk than starting a new venture.

Intrapreneurship

The activity of applying entrepreneurial ideas and approaches within a corporate environment.

Entrepreneur

The owner of a business who takes on the risks of starting a new venture and seeks to innovate and expand markets.

Non-Intrapreneur

A person who starts a business but does not engage in intrapreneurial change within an organization; follows existing structures.

Entrepreneurial Qualities

Traits commonly associated with successful entrepreneurs, including passion, vision, creativity, risk-taking, leadership, independence, perseverance, and opportunism.

Passionate

Having intense enthusiasm and strong motivation to pursue business goals.

Visionary

Having a clear, forward-looking view of the future and the direction of the business.

Creative Thinkers

People who generate novel and useful ideas and solutions.

Risk Takers

Individuals willing to expose themselves to uncertainty and potential loss to pursue opportunities.

Independent Spirits

People who value autonomy and prefer to operate with little supervision.

Perseverance and Commitment

Persistent effort and dedication to achieving goals despite obstacles.

Opportunists

Individuals who seize favorable chances when they arise to gain advantage.

Leadership

The art of guiding and inspiring others to achieve common goals.

Management

The process of coordinating and controlling resources and activities to achieve organizational objectives.

Planning

The process of setting objectives and deciding what actions will be taken to achieve them.

Organising

Arranging resources and tasks to form a cohesive system that works toward objectives.

Leading

Guiding and motivating people to implement plans and reach goals.

Control

The process of measuring performance against standards and taking corrective action to stay on track.

Top Level Management

Highest-level managers responsible for long-term strategy and coordination across functions.

Middle Level Management

Managers responsible for translating strategy into operational plans and allocating resources.

Lower Level Management

Front-line managers handling daily, short-term decisions and productivity.

General Manager

A top-level manager overseeing broad functions and strategic decisions.

Planning Process

The sequence of steps for planning: establish objectives, decide planning period, consider alternatives, implement, and follow up.

Establishing Objectives

Setting specific, measurable goals to achieve.

Environmental Scanning

Systematic collection and interpretation of information about external and internal environments to identify opportunities and threats.

Macro Environment

External, large-scale factors affecting a business (economic, political, social, technological).

Micro Environment

Internal and market-related factors that directly influence the organization.

PESTLE Analysis

A framework analyzing political, economic, social, technological, legal, and environmental factors affecting the business.

SWOT Analysis

A tool to assess strengths, weaknesses, opportunities, and threats faced by the organization.

Flexible and Adaptable Planning

Plans that can adjust to changing circumstances and environments.

Effective Planning

Planning that is realistic, economical, accurate, communicative, future-oriented and includes contingencies.

Plan B

A backup plan prepared in case the primary plan fails.

Written Plans

Plans that are documented in writing to provide clarity and accountability.

Labour

Human input and effort in the production process.

Capital

Financial resources and physical assets used to produce goods and services.

Unity of Direction

All parts of the organization pursue the same direction and goals.

Situational Leadership

Adapting leadership style to the needs of the situation and followers.

Transformational Leadership

Leadership that inspires and motivates change and development beyond day-to-day operations.

Autocratic Leadership

Leadership that makes decisions unilaterally with little input from others.

Transactional Leadership

Leadership based on structured tasks, rewards, and punishments to achieve compliance.

Democratic Leadership

Leadership that involves group participation and shared decision-making.

Laissez-Faire Leadership

A hands-off leadership style allowing employees freedom to make decisions.

Adams Equity Theory

A theory stating motivation is influenced by perceived fairness of rewards relative to inputs and to others.

Equity Theory

Perceived fairness of rewards compared with inputs and peers affecting motivation and behavior.

Managerial Competencies

A set of skills, knowledge, attitudes and behaviours needed to be an effective manager.

Global Awareness

Understanding global markets, cultures, and the political/economic environment across countries.

Organizational Awareness

Understanding internal and external factors affecting the organization.

Analysis

Systematic examination of information to understand situations and inform decisions.

Strategic Thinking

Thinking about the organization’s position relative to market trends and future opportunities.

Teamwork

Collaborative effort within a group to achieve shared goals.

Empowerment and Talent Development

Giving employees authority and opportunities to grow and take on more responsibilities.

Initiative

Proactively identifying and acting on opportunities rather than waiting to be told.

Decision Making

Choosing among alternatives after evaluating evidence and consequences.

Negotiation

Dialogue aimed at reaching an agreement that provides a win-win outcome.

Customer Service

Meeting customer needs and ensuring satisfaction through support and service.